ASSET PROTECTION CHECKLIST FOR FLORIDA SMALL BUSINESS OWNER
By Phillip B. Rarick, Miami Asset Protection Attorney*
| Action Item | Done |
| Homestead is under ½ acre if in municipality; if not in municipality then under 160 acres Note: Consider leaving mortgage on property – even if not necessary – as excellent asset protection option. The mortgage can be paid down to avoid creditor attack. | |
| Trust systems in place for children and loved ones and integrated withcreditor protection structures | |
| Vacation home is titled in LLC, Limited Partnership, or Tenancy by Entireties | |
| Rental properties are titled in Florida LLC or Limited Partnership. If single, consider Delaware LLC | |
| All Florida LLC’s have (1) Operating Agreement with charging order protection; (2) separate bank account; (3) multi-member | |
| All corporate records have been annually reviewed by corporate attorney | |
| Exposed equity investments protected by asset protection structure Note: Exposed investments are those not protected by Florida law. Protected investments are IRA’s, 401k’s, annuities, pension plans, life insurance, Florida pre-paid tuition plans, and 529 plans. | |
| If married, checking/savings account owned as Tenancy By Entireties (TBE) Note: Confirm by going to bank and checking the bank signature card. | |
| Auto and motor vehicles : If married, title in name of person who drives vehicle the most; not in joint name | |
| Boats or jet skies: Title in name of LLC | |
| Adequate property and casualty insurance | |
| Adequate auto, vehicle, and boat insurance | |
| Umbrella liability insurance Note: Confirm with agent that there are no gaps | |
| If professional: adequate malpractice insurance and experienced malpractice agent who specializes in such coverage | |
| Team of caring and qualified advisors, including CPA, attorney, investment advisor, and insurance agent |
For more information, contact Phil Rarick, a Miami asset protection attorney, at (305) 556-5209 or info@raricklaw.com.
* With special thanks for ideas from Alan Gassman, Esq., estate & asset protection planning attorney and guru.
Special Note
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced Miami asset protection attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.